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But safeguarding customer information isn’t just the law. When you show customers you care about the security of their personal information, you increase their confidence in your company. The definition of “financial institution” includes many businesses that may not normally describe themselves that way.
In fact, the Rule applies to all businesses, regardless of size, that are “significantly engaged” in providing financial products or services.
As part of its plan, each company must: The requirements are designed to be flexible.
In addition to developing their own safeguards, companies covered by the Rule are responsible for taking steps to ensure that their affiliates and service providers safeguard customer information in their care.
Both are available at gov/enforcement/rules/rulemaking-regulatory-reform-proceedings/privacy-consumer-financial-information. The Safeguards Rule requires companies to develop a written information security plan that describes their program to protect customer information.
The plan must be appropriate to the company’s size and complexity, the nature and scope of its activities, and the sensitivity of the customer information it handles.